The Only Investment Guide You'll Ever Need (Paperback)

by Andrew Tobias (Author) "Here you are, having just purchased a fat little investment guide we'll call Dollars and Sense, as so many investment guides are (although the one..." (more)
Key Phrases: only investment guide, random walk theory, Social Security, Wall Street, Uncle Sam (more...)

Editorial Reviews

Amazon.com Review
Personal-finance guru Andrew Tobias slams online trading and praises the Roth IRA in his newly revised The Only Investment Guide You'll Ever Need. This investment bible remains as stimulating and meaningful as it was when it was first published 20 years ago. It's packed with ideas about stocks, living beneath your means, tax planning, retirement, and just about everything else in the financial world. And all of it is presented with Tobias's trademark brevity and ingenuity.

Last revised in 1995, the guide takes aim at a new game in town--online trading. By all means, use the Internet for buying a car or for research, Tobias says. But avoid cyberspace brokers, he says. Point and click enough and you will get slaughtered by commissions, spreads, taxes, and human nature. "It's so easy to click 'OK' a few times and make a $10,000 bet," he warns. "Look how mesmerized we become on a stool in front of a slot machine. Internet investing positively teases you to play." Tobias's favorite new entry is the Roth IRA, which allows you to withdraw your money tax-free when you retire. It's far better than a traditional IRA, he asserts. "Save yourself the trouble of agonizing over the choice and go with the Roth IRA," he writes. "Forget the worksheets." Sometimes caustic and always a skeptic, Tobias believes readers can shape their own financial futures. Just stick to the basics, he says. "By and large, you should manage your own money, via no-load mutual funds," he writes. "No one is going to care about it as much as you." It doesn't matter if it's 1978, 1998, or even 2008. The Only Investment Guide You'll Ever Need still is exactly that. Some things never change. --Dan Ring --This text refers to an out of print or unavailable edition of this title.

From Library Journal
You've probably got the original it was a million-copy best seller so here's a revised version covering new laws and the joys of the Internet.
Copyright 2001 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

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Product Details

• Paperback: 312 pages
• Publisher: Harvest Books; 1 edition (January 3, 2005)
• Language: English
• ISBN-10: 0156029634
• ISBN-13: 978-0156029636
• Product Dimensions: 7.9 x 5.2 x 0.8 inches
• Shipping Weight: 7.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.6 out of 5 stars See all reviews (111 customer reviews)
• Amazon.com Sales Rank: #18,718 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

92 of 94 people found the following review helpful:

4.0 out of 5 stars A good place to start, September 11, 2002

By	Chris J. Hudson "Chris Hudson" (San Antonio, TX, United States) - See all my reviews (REAL NAME)

This review is from: The Only Investment Guide You'll Ever Need (Paperback)

This is a good book. Tobias' main point is that you need to start saving 10% of your income, and he also gives advice on ways to cut costs and where you can put your money. I've read a lot of investing books and some of what he said was not new to me. However, I did learn some new things. Some parts of the book that I found helpful were Chapter 5 which explains Treasuries (bills, notes, and bonds). I also liked his advice in Chapter 10 about what to do if you fall into a large sum of money (Lottery or inheritance). There are also some useful resources in the appendices in the back of the book such as contact info for discount brokers, mutual funds, a compound interest chart, and finally a quick summary of his main point (save 10% of your income). I gave the book four stars instead of five because I don't agree with ALL of his advice, for example I do not believe in purchasing rental properties (too big of a headache), and I think that home equity loans are a BAD idea. Other than that, a great book.

31 of 33 people found the following review helpful:

5.0 out of 5 stars listen up kiddos, don't get too greedy, January 15, 2005

By	Paul Skinner (Manassas, Virginia United States) - See all my reviews

Andrew Tobias weaves through the dizzy world of T-bills, municipal bonds, alternative minimum taxes, and a host of esoteric personal finance topics. But the bottom line he preaches is simple: be happy living on less than you make, and save the rest in safe no load mutual funds, diversifying between domestic and international stocks. Tobias tries to assure most of us average Joes that we are a fool if we think we can outsmart the Warren Buffetts of the world, so don't go crazy speculating on individual stocks. At best, you will make a broker happy. At worst, you will lose your shirt. There now - I just saved you $14 you can add to your no load mutual fund account (lol).

21 of 21 people found the following review helpful:

5.0 out of 5 stars Get rich slowly, June 6, 2005

By	Tim Beazley (San Diego, CA United States) - See all my reviews

This review is from: The Only Investment Guide You'll Ever Need (Paperback)

The book contains a wealth (hah!) of simple, sensible, wealth-building strategies. Perhaps even more important, it contains a wealth of simple, sensible, loss-avoidance strategies. And all of it is presented in an easy-to-read style, with humorous, self-deprecating stories that both enlighten and enliven. This is a seriously witty book!

Four points in particular that impressed me:

Tobias lists several kinds of investments that are so complex and have such a poor performance record that the only thing that most people need to know about them is that they should be avoided. That is very useful advice! Instead of wasting your time trying to become an expert in areas where even the experts lose money, you can spend your time more profitably in some other area.

Tobias examines the impact that taxes have on wealth-accumulation and proposes some simple strategies to avoid or minimize that impact, including IRA and 401(k) plans. That is very useful advice. Paying less taxes = accumulating more wealth.

Tobias discusses the effect that interest charges have and proposes some very simple strategies to avoid those too. That is also very useful advice. Paying less interest = accumulating more wealth.

Finally, regarding specific investments, Tobias provides some basic, common-sense strategies here, too. Tobias addresses some basic asset allocation issues, pointing out that some investments are very risky on a short-term basis, and it doesn't make sense to put short-term money in a risky investment. Tobias lists a few places where your short-term money will be safe. As for your long-term money, Tobias makes the common sense observation that investment returns cannot be predicted from year to year, but investment costs can be predicted. That being the case, it makes sense to choose low-cost investments, and Tobias lists some recommendations. That is also very good advice. Paying lower investment fees = accumulating more wealth.

In short it is possible -- and now, more than ever, it's necessary! -- for people to improve their financial position. This book helps show the average person how to accomplish that.